With little change in the beef trading environment to the US and limited US end user demand for July and August, US imported lean grinding beef prices this week were unchanged from a week ago, at 191.5US¢/lb CIF.
Australian exporter returns on beef exports to the US edged up 1.4¢, to average 389.4¢/kg FAS – entirely due to the slightly lower A$.
US lean grinding beef prices, from both domestic and imported sources, seasonally decline during June and July, with prices in 2012 following last year’s trend very closely.
Although cow slaughter since 1 May through to 15 June remained 4% below the same period last year, the deteriorating weather conditions have again pressured US cow-calf producer turnoff, particularly in northern states.
Steiner Consulting Group suggests however, that if seasonal conditions improve, and turnoff declines, US domestic lean beef is expected to trade above 200US¢.
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